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Spain's Neinver to sell for €500M; LendLease signs £190M development deal in UK


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Spain's Neinver to sell for €500M; LendLease signs £190M development deal in UK

* The Losantos family in Spain hired Crédit Suisse for the more than €500 million potential sale of retail property developer and manager Neinver. In addition to its Spanish holdings, Neinver owns retail properties in France, Germany, Italy, Poland, Portugal, the Netherlands and the Czech Republic.

* Australian developer LendLease Group secured a £190 million contract to work on the £330 million revamp of the Town Hall and Albert Square in Manchester, U.K., beating rival Laing O'Rourke in the process, Construction Enquirer reported. Plans for the refurbishment involve the restoration of the grade one-listed building, as well as the improvement of the public realm, the report added.


* On behalf of the Hines European Value Fund, Hines acquired the 354–358 Oxford Street prime asset above the Bond Street Underground station entrance in London from Transport for London. Property Week reported on the purchase, adding that the site changed hands for more than £40 million and will be transformed into a £70 million mixed-use development.

Hines plans to add retail space across the basement, ground and first floors, as well as 11 apartment units on the site.

* Town Centre Securities PLC lodged plans for the development of a 17-story office and retail building above the Home Bargains store at the Merrion Centre in Leeds. The new 100MC building will offer over 10,000 square feet of ground-floor retail space for the refurbished store and 168,810 square feet of commercial office space across the 16 upper levels, according to a release.

* Heeton Holdings Ltd.'s Ease Treasure Holdings is seeking planning permission to deliver 678 apartments across five buildings at the Bridge Street site in central Leeds, Construction Enquirer reported. The residential element forms the second phase of a development project on the site, which also includes a plan to convert an existing office building into a hotel. Work on the apartment blocks is set to commence in 2020.

* Hermes Investment Management landed approval to advance the next stage of its 2.5 million-square-foot Noma mixed-used development project in Manchester, PW reported. The company is planning to transform a grade two-listed warehouse building on the site into more than 50,000 square feet of prime office space, with 7,600 square feet of additional space for leisure and retail areas.

* A cross-party commission in Britain has called on the ministers to support the government's proposal to build 3.1 million new social homes in the U.K. over the next 20 years, London's Financial Times reported. The housebuilding program is expected to cost an aggregate £213 billion, or about £10.7 billion per year, the report added, citing Capital Economics.


* Redside Investicni Spolecnost spent nearly €90.0 million on the purchase of the Trenčín Industrial Park in Trenčín from electronics manufacturer AU Optronics (Slovakia) S.r.o. The 120,000-square-meter park was developed for the seller in 2010.


* GEG German Estate Group AG secured a loan in the several-hundred-million-euro range from Münchener Hypothekenbank eG to fund its purchase of the Garden Tower in Frankfurt's central business district. The property company bought the asset in September 2018 for a total of roughly €275 million from Tristan Capital Partners' Curzon Capital Partners IV fund.

* Total German real estate deal volume is projected to fall by 10% year over year to €70 billion in 2019, with commercial property deals to account for €55 billion of the total figure, Property Investor Europe reported, citing JLL.

Middle East

* Dubai residential prices could decline by 5% to 10% in 2019 due to new supply, falling oil prices and a strong dollar, Reuters reported, citing Savills Middle East CEO Steve Morgan.

* According to Asteco, about 11,200 residential units are estimated to be delivered in Abu Dhabi in 2019, compared to roughly 6,200 units delivered in the emirate during 2018, Arabian Business reported. The new and increased supply could put additional pressure of rental values in the emirate, where prices are expected to soften further in the new year, the report added.

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